We are Accountants who offer an extensive range of service who will support you when dealing with HMRC. We will tell you when to pay the least but correct amount of tax as far in the future as possible.

KRA helps Hungarian Business

KRA supports and helps Hungary Companies who are looking to expand their business in the UK and Europe.

The UK business environment is considered by many to be one of the worlds most sophisticated and, as such, it is an attractive proposition for business of all sizes. If you are considering the UK as a possible location for your business expansion in Europe, KRA can help you fulfil all the requirements of the UK system and advise on the best structure based on your business needs.

We offer a one stop shop that will deal with all your requirements based on the size and type of operation you want.

We can support and help businesses that just want a UK presence but do not want to incur the costs of having a permanent place of business with permanent staff and therefore want KRA to run the company on their behalf reporting direct to the parent company or associated company directors.

We can also support Parent companies who want a UK subsidiary with a permanent establishment in the UK with employees. Please click the link below to the KRA UK website which details the wide range of services the UK operation supports.

The Regulatory framework in the UK includes many things which need to be considered and we at KRA can give you specialist advice to ensure you do not breach any regulations. We have listed below many of the areas which need to be considered when setting up a business in the UK:

•the tax, National Insurance and VAT systems
•the legal system, and what laws and regulations may affect your business
•health and safety regulations
•environmental considerations
•employment procedures
•licensing
•immigration status (e.g. of your staff)
•intellectual property, including patents, copyright and trademarks
In order to operate in the UK we would recommend you set up a Company which we at KRA will gladly take full responsibility for.

In order to register a company the following information must be provided on the ‘Statement of First Directors and Secretary’ to Companies House:
An acceptable company name which is not identical to another registered company, as this will not be accepted. The full name of a limited company must also end with the word ‘Limited’ or ‘Ltd’. Details of at least one director and one company secretary (a sole director may not also be the secretary), including personal details such as residential address, date of birth and nationality. Details of the registered office address of the company to where official correspondence will be sent. This is usually the address of the Company’s accountant, solicitor, or the trading address of the Company.

The above must be accompanied by the Memorandum and Articles of
Association:

Memorandum – this sets out the name, authorised share capital, the number and nominal value of shares issued, names and addresses of initial members (shareholders), the powers and the
objects of the company.

Articles – these are the internal rules of conduct of the company. The above is filed together with a ‘Statement of Compliance’ with Companies House and the Registrar of Companies will issue a Certificate of Incorporation confirming the company name and registered number. A company does not legally exist until the certificate has been issued.

After setting up a Company there are a number of other reporting requirements for a company in the UK which we at KRA will gladly take full responsibility for.

A company must maintain a Register of Members, Register of Directors and Secretaries, Register of Directors’ Interests in Shares, Minutes of General Meetings, Minutes of Directors Meetings and the Register of Written Resolutions.

These registers must be available for inspection at the registered office or in some cases, at another nominated office. Any changes to the directors or secretary (or their personal details), to the registered office or any allotment of further shares must be reported to the Registrar of Companies.

There are many other instances where prescribed forms must be filed with the Registrar of Companies these include: increase in authorised share capital; allotment of shares and registration of mortgages and charges. At least one general meeting of the members must be held every year, unless they elect not to hold such a meeting, and minutes of the meetings must be kept.
An annual audit by external auditors of the accounting records of the business should be carried out if it is over the minimum size which is currently Companies who are over two of the following three limits;

1. Turnover greater than £5.6 Million

2. Gross Assets greater than £2.8 Million

3. Greater than 50 Employees

An Annual Return must be completed annually and be delivered to Companies House, it must contain current information about the Company, its officers and members.

In addition to your regulatory requirements we can also help in other ways such as the following;

Reliable and regular reporting of financial data back to an overseas headquarters.

The application and impact of different transfer pricing scenarios

Differences in financial reporting requirements between UK GAAP and the regime applicable to the parent company

We find the UK operations of foreign owned businesses are rarely sufficiently skilled to handle the various challenges. This is where KRA can add value as we can handle most situations relating to the UK branch , but we will call on the expertise of specialists as required. For example, we may need to engage with employment law solicitors to convert group employment contracts into contracts that meet UK requirements. On other occasions, we may need to engage with Chartered Surveyors for lease negotiations. Throughout, we act as a one-stop-shop to provide the overseas parent with UK-compliant solutions.

So if you want KRA to set up and Established a UK subsidiaries or branch or you already have one and need help in performing your regulatory requirements Please get in Contact on 020 8868 3357 or email keith@kra-uk.com